Barclays Cycle Hire Celebrates Additional £25m Investment From Barclays

The Mayor of London’s flagship Barclays Cycle Hire scheme celebrates its first birthday this week and to mark the occasion the Mayor has confirmed that Barclays has agreed to provide another £25 million of sponsorship. The extra funding will help the scheme to expand throughout west and south-west London by the summer of 2013, and also sees Barclays sponsorship extended by three years to 2018. The additional £25m takes Barclays total investment in the scheme to £50m.
Transport for London is now preparing plans for a westward expansion of the scheme through the boroughs of Wandsworth, Hammersmith & Fulham, Lambeth and Kensington & Chelsea.
It has also been confirmed that Westfield London Shopping Centre is to provide funding that will allow an early taster of the western expansion by extending Barclays Cycle Hire to the shopping centre by spring 2012.
“My thanks go to Barclays for the benevolence they have demonstrated with their latest bestowal of funds and that we can confirm the extension of their sponsorship agreement. By working together we are putting thousands more Londoners on two wheels.
Bob Diamond, Chief Executive, Barclays Bank PLC, said: “Barclays Cycle Hire has undoubtedly been a huge success so far. Now even more people across London will benefit from this pioneering scheme, which makes a positive difference to everyday life in London, its people and its economy.
“Barclays commitment to Citizenship, including the role we play in the communities we serve, is one of Barclays four execution priorities. Barclays Cycle Hire is a visible example of that commitment, and we are proud to be associated with the scheme and its further expansion.”
Michael Gutman, European Managing Director for Westfield, said: “We are pleased to support Barclays Cycle Hire which will compliment the extensive public transport and road network surrounding Westfield London. The initiative has been a huge success in its first year and the extension will make London’s top destinations even more accessible.”
Londoners using the Mayor’s flagship scheme, Barclays Cycle Hire, have made over six million cycle journeys since it launched just one year ago. On its busiest day of operation so far more than 29,200 cycle journeys were made using Barclays Cycle Hire. Over 128,000 people are now Barclays Cycle Hire members and casual customers have already made over one million cycle journeys since the scheme was launched to casual customers just seven months ago.